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COMPANY: An organization, usually consisting of more than one person, that combines resources for the production and supply of goods and services. The term company is generally used synonymously with other terms such as business, firm, and enterprise. If a distinction exists, company is used in reference to a group of people engaged in production (as opposed to a single person).
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Lesson 10: Utility and Demand | Unit 1: The Set Up
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Page: 2 of 21
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Topic:
Bring On Utility
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- Some definitions:
- Utility is the satisfaction of wants and needs obtained from the consumption or use of goods and services.
- Utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services.
- Constrained utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services, under given restrictions, when the highest overall level of utility cannot be reached.
- One last utility concept:
- The law of diminishing marginal utility is a principle stating that as more of a good is consumed eventually each additional unit of the good provides less additional utility; that is, marginal utility declines as the quantity consumed increases.
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BUSINESS CYCLE PHASES The recurring, but irregular, pattern of business cycles can be divided into two basic phases--expansion and contraction. An expansion is a period of increasing economic activity and a contraction is a period of declining economic activity. These two phases are marked by two transitions. The transition from expansion to contraction is termed a peak and the transition from contraction to expansion is termed a trough. The early portion of an expansion is often referred to as a recovery.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for defective microphones.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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BOP
Balance of Payments
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